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Hong Kong shares close up 2.2 pct at highest since Aug 2011

Source : REUTERS
Last Updated: Wed, Dec 05, 2012 13:50 hrs

HONG KONG, Dec 5 (Reuters) - Hong Kong shares soared to their highest since August 2011 on Wednesday, buoyed by a resurgent mainland Chinese market after comments from the new Communist Party chief reassured investors of the country's economic agenda.

The Hang Seng Index ended up 2.2 percent at the day's high at 22,270.9, surpassing the previous intra-day high set on Monday. The China Enterprises Index jumped 2.9 percent.

In the mainland, the CSI300 of the top Shanghai and Shenzhen listings soared 3.6 percent. The Shanghai Composite Index climbed 2.9 percent to 2,031.9, returning above the 2,000-point mark for the first time in more than a week.

HIGHLIGHTS:

* Wednesday's gains came in the highest bourse turnover since March 6.

* Shares of Ping An Insurance jumped 4.9 percent in Hong Kong after HSBC Holdings said it sold its entire stake in China's second-largest insurer to a group linked to Thailand's richest man, Dhanin Chearavanont.

* Chinese property, railway and infrastructure-related sectors were among the leading gainers after Communist Party Xi Jinping in comments listed tax reform, urbanization and allowing the market to play a bigger role in setting resource prices as among his key priorities.



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